Credit Analysis Reports - Category: Infrastructure & Utilities
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MARC has affirmed its AAAIS rating on TNB Northern Energy Berhad's (TNB Northern) outstanding Islamic securities (sukuk) of RM1.415 billion. The rating carries a stable outlook.TNB Northern is a funding vehicle of TNB Prai Sdn Bhd (TNB Prai) which was established to design, construct, own, operate and maintain the 1,071.43-MW combined-cycle gas turbine (CCGT) power plant in Seberang Perai Tengah, ...


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MARC has affirmed its AA-IS rating on UiTM Solar Power Sdn Bhd’s (UiTM Solar) Green Sustainable and Responsible Investment (SRI) Sukuk of up to RM240.0 million. The rating outlook is stable. The rating is mainly driven by UiTM Solar’s 21-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB) under which the demand risk is largely eliminated as the national power company wil...


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MARC has affirmed its AAIS rating on BEWG (M) Sdn Bhd’s (BEWG) RM400 million Sukuk Wakalah with a stable outlook.BEWG, a 100%-subsidiary of Hong Kong-based Beijing Enterprises Water Group Limited (BEWGL), was set up to undertake water and sewerage projects in Malaysia. In 2015, it was awarded by the Terengganu state government a design-and-build contract to refurbish and upgrade water treatment ...


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MARC has affirmed its AAAIS rating on TNB Western Energy Berhad’s (TNB Western) sukuk of up to RM4.0 billion with a stable outlook. It has an outstanding sukuk of RM3.6 billion as of end-June 2020.TNB Western is the funding vehicle of TNB Manjung Five Sdn Bhd which was established to design, construct, own, operate and maintain a 1,000MW ultra-supercritical coal-fired power plant in Manjung, Per...


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MARC has affirmed its A+IS(s) rating on Projek Lintasan Sungai Besi-Ulu Klang Sdn Bhd’s (PLSUKE) Sukuk Wakalah Programme (Sukuk Wakalah) of up to RM2.0 billion. The rating outlook has been revised to stable from negative. The previous negative outlook reflected a potential construction delay then in relation to the company’s Sungai Besi-Ulu Kelang Elevated Expressway (SUKE) project and th...


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MARC has affirmed its rating of AA-IS on toll road concessionaire Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) RM210 million Sukuk Murabahah. The rating outlook has been revised to stable from negative.The government has been honouring its compensation obligations, albeit  with some delays, bringing greater visibility and stability to cash flow.  MARC had previously placed the rating on ...


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MARC has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM2.0 billion Sukuk Ijarah. The rating outlook has been revised to negative from stable.KEV owns and operates the Kapar Power Station (KPS), which consists of three generating facilities with a combined nominal capacity of 2,200MW. KEV’s fourth generating facility was decommissioned at end-2019. The affirmed rating ben...


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MARC has affirmed its AA-IS rating on Sinar Kamiri Sdn Bhd’s Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of up to RM245.0 million. The rating outlook is stable.Sinar Kamiri is a special purpose project company incorporated to build, own and operate a 49.0MWac solar photovoltaic plant (SPP) in Sungai Siput, Perak. The rating primarily reflects Sinar Kamiri’s healthy project...


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MARC has assigned a rating of AA-IS to Leader Energy Sdn Bhd’s (Leader Energy) proposed ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of up to RM260.0 million. The outlook on the rating is stable.Leader Energy owns two solar power projects in Kuala Muda, Kedah, namely Leader Solar Energy Sdn Bhd (LSE I; 29.0MWac) and Leader Solar Energy II Sdn Bhd (LSE II; 20.0MWac) with...


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MARC has affirmed its AA-IS rating on SAJ Capital Sdn Bhd’s Sukuk Murabahah of up to RM650.0 million. The rating outlook is stable.SAJ Capital is 100%-owned by Ranhill Capital Sdn Bhd, which holds an 80% interest in Ranhill SAJ Sdn Bhd (RSAJ), the sole water treatment operator and treated water distributor in Johor. SAJ Capital functions only as a single-purpose funding conduit for the sukuk iss...


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